Red Rabbit

Tavşan is located in western Türkiye about 210 km north-east of Izmir. Tavşan and the Kiziltepe mine, located 72 km away, form the Red Rabbit Gold project owned in a 50/50 joint venture between Ariana Resources plc and Proccea Construction Co.

Gold mineralization at Tavşan is epithermal in style, with associated silver and antimony, broadly situated along the thrust contact between Jurassic massive-bedded limestone and an overlying Cretaceous multi-lithic ophiolite sequence. Gold was discovered in an area of outcropping mineralized jasperoids covering 4 km by 4 km and is up to 30 metres thick. The mineralized jasperoid units at Tavşan are extensive and contain additional exploration potential for the project.

The Tavşan Feasibility Study proposes an open-pit, heap leach operation with ore being trucked to the Kiziltepe mill. Preliminary column-leach test work has shown recoveries of 80% for gold and 26% for silver.

A JORC Mineral Resource Estimate for Tavşan was announced in March 2024 outlining:

Proven Reserves: 2.48 Mt grading 1.5 g/t Au and 5.0 g/t Ag for 116.4 koz Au and 401.1 koz Ag
Probable Reserves:1.99 Mt grading 1.3 g/t Au and 4.15 g/t Ag for 84.6 koz Au and 266.2 koz Ag

Measured Resources: 3.76 Mt grading 1.35 g/t Au and 4.75 g/t Ag for 163.5 koz Au and 574.9 koz Ag
Indicated Resources:2.41 Mt grading 1.2 g/t Au and 4.1 g/t Ag, for 94.0 koz Au and 319.1 koz Ag

Inferred Resources:1.47 Mt grading 1.1 g/t Au and 4.5 g/t Ag for 53.4 koz Au and 210.4 koz Ag

Mineral Resources are inclusive of Mineral Reserves (cut-off grades 1.5 g/t Au high-grade and 0.5 g/t Au).

The Tavsan royalty was part of the royalty package acquired from Teck Resources in January 2016. The royalty is a 1.0% NSR on the first 100,000 ozs of gold equivalent produced, 1.5% on the next 100,000 ozs and then is a 2.0% NSR royalty thereafter.

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